The global intelligent process automation market is expected to grow at 11.5% CAGR from $8.1 billion in 2018 to reach $20.7 billion by 2026. New York-based UiPath (NYSE: PATH) recently announced its second-quarter results that continued to outpace market expectations.

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UiPath’s Financials

Second quarter revenues grew 40% to $195.5 million. Annual Run-Rate Revenue (ARR) grew 60% to $726.5 million. Non GAAP net loss was $0.01 per share. The market was looking for revenues of $186.49 million and a net loss of $0.08 per share.

Among key metrics, it ended the quarter with 1,247 customers that accounted for at least $100,000 in ARR, up 59% from 785 a year ago. About 118 customers accounted for $1 million-plus in ARR, up 100% from 59 a year ago.

For the third quarter, UiPath forecast revenues of $207-$209 million. The market forecast revenues of $208.63 million.

UiPath’s Partnerships

Recently, UiPath announced its partnership with Snowflake. The partnership will provide customers with quicker data processing while also allowing them to perform long-term historical analyses to scale their automation journeys. The increased focus on enterprise automation has resulted in increased expectations about quantitatively measuring and validating the business impact of automation. UiPath Insights will allow business process owners to define, track, measure, and share process key performance indicators (KPIs) that measure the value and impact of a company’s overall automation strategy. Users can easily share dashboards across the company, track the KPIs that matter, and get email push notifications of critical events to create program-wide transparency. The partnership will create scalable, secure RPA analytics on Snowflake that will be easily accessible to citizen analysts throughout an organization. The collaboration will help organizations move their data securely to the cloud.

UiPath is focusing on enhancing its AI and ML functionalities. During the quarter, it introduced a new ML model to public preview that identifies key elements from text, then classifies them to enhance automation in use cases like email processing. The feature is being included in Document Understanding that now sends validation tests to end-users via UiPath Action Center and also enables the auto training of ML models for continuous learning and accuracy improvements over time. UiPath believes that the next level of ML enhancement will include semantic automation. Technology will evolve from rules and instructions-based decisions that frequently require human intervention, to a solution that is able to follow the process and can learn how to emulate humans. UiPath is focused on building an intelligent solution like that, but it realizes that this is a capability that will take time to develop.

Its stock is currently trading at $53.50 with a market capitalization of $27.5 billion. It had climbed to a high of $90 soon after listing in April. It reached a low of $47.20 earlier this month.